Parks Automotive Team, bolstered by an undisclosed expense from Franchise Fairness Companions, has expanded its North Carolina operations, business President Adam Parks said.
Jack and Robin Salzman on Jan. 18 bought Lake Norman Chrysler-Dodge-Jeep-Ram in Cornelius and Gastonia Chrysler-Dodge-Jeep-Ram, both close to Charlotte, to increasing Parks Automotive so they could pursue other passions in company and philanthropy. The dealership names will keep on being.
The offer marks Franchise Equity Partners’ second expenditure into a dealership team, Co-Taking care of Husband or wife Scott Romanoff advised Automotive News. In October, the non-public investment company invested $70 million into Georgica Car Holdings.
The New York firm, launched by Romanoff and Michael Esposito in November 2021, gained $1 billion in funding from HPS Expenditure Partners to make investments in 5 sectors, including $400 million earmarked for automotive dealerships. Romanoff said he could not disclose how substantially of the remaining $330 million was applied in the Parks offer. He and Parks mentioned Franchise Fairness Companions has a minority stake in the acquired merchants.
“In excess of the previous calendar year, our view terms are ‘minority,’ ‘passive’ and ‘permanent,’ where by we leave the day-to-working day functions and management of the dealership in the arms of the operator,” Romanoff claimed. “This offer is reliable with that.”
Romanoff said Franchise Equity Associates, whose leadership crew consists of longtime vehicle government Mark LaNeve, initially experienced conversations with business experts about potentially doing work alongside one another at past year’s AutoTeam America acquire-offer summit.
Alan Haig, president of Haig Associates, the Fort Lauderdale, Fla., purchase-promote agency that represented the Salzmans in the transaction, talked over that meeting for the duration of final week’s AutoTeam America’s get-market summit at the NADA Display in Dallas. Haig credited the function with supporting foster the variety of associations that can lead to similar business partnerships.
Romanoff explained the talks at the prior summit ultimately led to a conference with the Parks loved ones.
“They are the precise kind of operators that we want to lover with: loved ones-owned, multigenerational firms,” Romanoff stated.
Parks is a 2012 Automotive Information 40 Beneath 40 honoree, and Jack Salzman received the Time Supplier of the Calendar year award in 2018.
Haig Associates described the Lake Norman retail store as higher-carrying out amid Stellantis dealerships. It will relocate to a new 55,000-sq.-foot facility.
